EquityPandit’s Outlook for NIFTY METAL for the week (May 26, 2020 – May 29, 2020):
NIFTY METAL Index closed the week on negative note losing 32.15 points 1.84%.
Weekly High: 1,759.45
Weekly Low: 1,667.80
Weekly Close: 1,710.45
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1650 levels, whereas minor resistance on the upside is capped around 1770-1780 levels.
If NIFTY METAL index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1550 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1850.
Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1575 on downside and 1825 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 1,804
RESISTANCE 1: 1,757
SUPPORT 1: 1,665
SUPPORT 2: 1,620